After Bush Administration, should US declare bankruptcy ?

Because, otherwise, our children and grandchildren will be burdened with taxes and debt for decades to come. That debt will be at the expense of any progress or any infrastructure development. It is a noose around the neck of young Americans more than anyone else.

But, China, Japan, Germany, and others are holding this debt over our heads. What would happen if we declared that we were not going to pay it? Period. Too bad. You should not have loaned it to us. We had morons in charge of our government and you knew that when you loaned us the money . But we know that is not going to happen. We will have to bite the bullet. However, it was a nice thought.

that whomever is president on Inauguration Day, 2009, will be appearing in front of the nation to say that we are, officially, broke.

I hope I just have an overactive imagination.

Julie

bankruptecy before?

When a country decides it cannot meet it's debt obligations, it first tries to restructure the debt load. If that fails it defaults--which is in essence declaring bankruptcy.

The most recent big case, I think was Argentina in late 2001.

We can throw in the Republicans who live there as house servants and yard boys.

I'm sick and tired of Texas.

reread your post..you said the republicans here.

they dont allow our stuff to sell there fairly.. if they start a trade war go bankrupt..

we need to have more than the present 2 shoe factories first though.. we have no infrastructure to survive a trade war

*Random Hitchhiker's Guide remark*

A default by the US would create a worldwide economic meltdown. I mean DEPRESSION. The value of the dollar would fall to nothing. Other countries that have a large trade revenue from the US would have their economies collapse and there would be a ripple effect.

The initial volley in the Great Depression was when Churchill re-instated the gold standard in England after WWI. That created the economic calamity in England followed by trade problems around the world. A US bankruptcy would be worse.

Although our debt situation is bad and will lead to economic problems, it is not so bad that we need to default. The United States still possesses trillions in assets and has an economy that can generate an additional trillion per year in tax revenues. If the will is there, this country can still get its financial house in order. Of course if the sheeple keep electing Repugs to the White House and congress, we're pretty much toast anyway.

CARLYLE GROUP, THE KELLOG, ROOT AND BROWN PEOPLE, THE BLACKWATER MERCENARIES, AND THE BUSH FAMILY funds. we could wipe out our national debt free and clear in just one day.

... called the CONSTITUTION.

Does anyone care about that old ragged document any more?

Sheesh.

"The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."


It's not up for question, folks - we borrowed it, we gotta pay it back.

signing statement saying we will no longer abide by that little rule...

us?--and i heard it on the (miami) television yesterday that we were duped by the bush government and that the dubai people (the saudis) still own our ports, despite the fact that there was a pony and dog show of protestation under which the bush administration seemed to rescind its contract with the saudis for the operation of our ports...this was not on a newscast. this was on some political ad asking people to call congress.

And there will be war.


Or, we'll just have a few generations of financial hardship.

... in the Constitution.

Creditors have a right to liquidate the assets of bankrupt debtors, so unless you want our creditor nations selling the country in pieces to the highest bidder at auction, its not a good idea to declare bankruptcy.

The argument that our debts aren't valid because we were misled doesn't hold water either. Regardless of whether BushCo gained power by illegal means or not, our defacto acceptance of the regime's leadership for 5.5 years means we accept it as our legitimate government. This is a Representative Democracy (allegedly), so the fact that our representatives accept the Junta means that we do too.

Nope, defaulting on our loans would likely cripple the global economy in the short-term and ensure China's economic dominance in the long term.

I think?

after Bush is thrown out in the street things will come to light that we would have never guessed they might do. But a serious Dem prez will cut off those open ended contracts that the other poster mentioned. Next he will try to recover the money from these corporations owed to the people. Credit card rates will ease down and those in financial trouble will again be able to manage their bills. NAFTA & CAFTA will be looked at closely. The war will be slowly cut off, but when the Soldiers come home jobs will be scarce. Outsourced companies will be taxed at a higher rate. It won't be overnight, but things will get better.

That's a great scenario. Hope it happens like you wrote. Thanks :)